Important takeouts:
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There’s still room for the Bitcoin bull market to run within its target range of $150,000 to $300,000, analysts say.
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BTC must fire rally up to $140,000, surpassing the $112,000-$114,000 zone.
Bitcoin (BTC) suddenly fell to $108,000 last week, a drawdown of 13% from an all-time high of $124,500, sparked by fear that BTC prices could have peaked.
Despite this drawdown, some analysts argued that Bitcoin bull market hasn’t even started, citing its performance in relation to gold.
Bitcoin Bull Market reopens in October
As Cointelegraph continues to report, both gold and the US stock market have been at all-time highs, but Bitcoin stays as it keeps the bull apart.
As analyst Milk Road Macro said, the analyst was not worried about gold front-running Bitcoin.
“Bitcoin tends to follow gold after three to four months.”
Comparative analysis showed that both gold/USD and BTC/USD pairs formed an upward wedge pattern, with gold being upside down in January.
In March, “$BTC began to mimic the “Rise → Pause → Last Minute Spike Pattern” of gold, highlighted in the green below, analysts added:
“If the correlation holds, $BTC is ready for last-minute spikes until October/November and escapes that rising wedge.”
Milk Road Macro further explained that while gold’s breakout represents a profit of around 10%, “Bitcoin is known to outperform these percentage returns by 5-10 times.”
They added that this will result in Bitcoin’s potential profits ranging from 50% to 100%, or between $160,000 and $220,000.
Related: Bitcoin Strategic Reserve May Be Bad for BTC and USD: Crypto Exec
“The Bitcoin bull market has not yet been launched,” 50tfunds CEO Dan Tapiero said in Monday’s X-Post.
He highlighted that the BTC/XAU pair will be traded in a “giant cup and handle” pattern in the weekly time frame, leading to new price discoveries for Bitcoin over the coming weeks.
A break above the 37 Xau neckline opens how the BTC/Xau pair rally 446% towards the measured target of a 160 Xau cup-and-handle pattern.
This points to Bitcoin’s major price breakouts over the coming months.
Tapiero’s argument is a response to Crypto Investor Zynx’s analysis, saying the BTC/USD pair “compared to the highest gold ever” at over $150,000.
Historically, “Bitcoin has at least doubled the price of gold, and usually much more,” writes Zynx.
“I think $300,000 is even more likely.”
Meanwhile, encrypted contributor Xwin Research Japan claims that Bitcoin is still in a bullish market based on some on-chine metrics.
Bitcoin must hold $112,000 for “pushing high”
Bitcoin hit its in-day high of $112,293 on Monday, regaining its $112,000 level after losing it on Thursday. At the time of writing, it was $112,233, an increase of 2.4% over the past 24 hours, according to data from CointeLegraph Markets Pro and TradingView.
“$BTC escaped the downtrend line overnight after squeezing all the late shorts,” AlphabTC said in X’s latest analysis.
The accompanying chart showed that a key area of interest for the Bitcoin Bulls is operating at $112,000 today. Holding this level will push the price to $114,000 towards the local high, indicating the strength of the recovery.
“Next, if you can look at the 114K level and hold 112K again to push higher in October.”
The 24-hour Bitcoin liquidation heatmap showed that as BTC prices get higher, they can target larger blocks of bid liquidity. There are over $612 million interrogation orders between $112,350 and $114,000.
This liquidity sweep is highly likely in the coming days, with breaks above $114,000 likely to mark the end of the fix.
As reported by the Cointelegraph, the decisive move above the $113,000-$114,000 resistance zone will confirm a breakout from the bull flag and open the doors of the rally towards $140,000 in the coming months.
This article does not include investment advice or recommendations. All investment and trading movements include risk and readers must do their own research when making decisions.